33300801
Description
Mind Map by david mauricio mendez molina, updated more than 1 year ago
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Created by david mauricio mendez molina
almost 3 years ago
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Types of Market
- Monopolistic Competition
- Large number of small companies
competing with each other. The lowest
possible production cost is not assumed.
- Large number of small companies
competing with each other. The lowest
possible production cost is not assumed.
- Oligopoly
- An oligopoly is dominated by a few companies, resulting
in limited competition. They can collaborate or compete
with each other to use their collective market power.
- An oligopoly is dominated by a few companies, resulting
in limited competition. They can collaborate or compete
with each other to use their collective market power.
- Pure Competition
- Is a market structure defined by a large
number of small firms competing
against each other.
- Is a market structure defined by a large
number of small firms competing
against each other.
- Pure Monopoly
- This firm is the sole producer of a product, and
there are no close substitutes. Because there
are no alternatives, the firm has the highest
level of market power.
- This firm is the sole producer of a product, and
there are no close substitutes. Because there
are no alternatives, the firm has the highest
level of market power.
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